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Valuation is the measurement of value on which any tax has to be paid. The typical construction contract is the composition of three components namely

• Land or an undivided portion of land in case of apartments
• Materials/goods like cement, steel etc.,
• Services like labour in construction, designing etc. 

Before GST was introduced, different indirect taxes were levied on the above mentioned three components. State government levied Stamp Duty on transfer of immovable...